Alleged money laundering: Ex-Warri Refinery MD Yisawu gets N500m bail

Former Warri Refining and Petrochemical Company Limited Managing Director Jimoh Yisawu has been granted bail in the sum of N500 million by the Federal High Court in Abuja. The ruling followed Yisawu's plea of not guilty to an eight-count money laundering charge filed by the Economic and Financial Crimes Commission (EFCC).

The EFCC accused Yisawu of indirectly converting over $789,950, proceeds of unlawful activity, and making cash payments exceeding statutory limits without involving financial institutions. These alleged offenses contravene the Money Laundering (Prevention and Prohibition) Act, 2022.

During the arraignment, Yisawu's lawyer, Mr. Wale Balogun, SAN, requested bail, citing his client's prior administrative bail and surrender of his international passport. However, the prosecution counsel, Mr. Ekele Iheanacho, SAN, opposed the application. Justice Inyang Ekwo, in his ruling, affirmed Yisawu's entitlement to bail, noting the bailable nature of the charges. The court mandated one surety in like sum, requiring the surety to possess landed property in Abuja with proof of ownership. Yisawu must also surrender his international passport and is barred from leaving the country without permission. He will be remanded in EFCC custody pending the perfection of bail conditions. The trial is scheduled for October 25, 26, and 27.

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the defendant was entitled to bail.